London’s Real Estate Broker | Call + 44 (0) 207 993 4081
Landlords
When you choose Stonelink International, you choose a high quality London property management service.
To help you start, we’ve made it easy with a quick guide and overview for Landlords below, to explain what is typically involved with letting and managing a property.
If you are too busy to read the quick guide below, call now on +44 (0) 207 993 4081 or contact us.
Content
Property Valuation is free!
Set up a time to have your property valued by one of our experienced property broker’s. Simply call: + 44 (0) 207 993 4081 or click here and send your request for a free valuation.
Letting Only Service
- Rental valuation and review of your property.
- Advice to landlords on furnishings, health and safety issues, property compliance and any maintenance recommendations.
- Advertising & Marketing your property on our website to local and global audience, leading property portals, social media, Customised PR campaigns, emails and direct calls from our database to all potential applicants.
- We accompany all viewings wherever possible.
- Extensive referencing of tenants who wish to rent your property, through our third party supplier; Lettings Hub, using an extensive verification check on each and every applicant. Rest assured you will receive an Elite Comprehensive report for each and every applicant.
- Preparation of the Tenancy Agreement.
- Collection of initial rent and security deposit.
- Security Deposit is equal to five (5) weeks rent (subject to reference checks) where the annual rent is less than £50,000 per annum, or six (6) weeks rent (subject to reference checks) where the annual rent £50,000 or above.
The security deposit is to be held in accordance with the Deposit Protection Scheme: www.depositprotection.com - Setting up standing order mandate for future rent subject to tenancy commencing.
Rent Collection Service
The complete service includes (all the above) plus:
- Collection of initial rent and deposit.
- Setting up standing order mandate for future rent subject to tenancy commencing.
- Your monthly rent is paid into a bank account of your choice – be it a UK Bank or an International Bank Account.
- Once the rent is settled, you will receive the Statement of Account for the month together with the Invoice, for your records. This happens every month, on time, every time.
- Our Fee is £99.00 plus VAT, every time we collect rent on your behalf. Payment is due in advance or settled against the rent.
Full Management
The complete service includes all the above plus:
- A professionally prepared detailed inventory of contents and condition by our 3rd party professional Inventory firm.
- Arranging maintenance.
- Dealing with day to day tenant issues or concerns that may arise.
- Organise and Liaise with the tenants, the transfer of utility accounts, electric, gas, council tax and water (unless the landlord is covering any one of these expenses).
- Organising 3rd party professional Inventory Check In at the start of the tenancy and
Check Out at end of the tenancy. - Organising the return of deposit and distribute the deposit (subject to the property being returned in a satisfactory condition and subject to their being no disputes). If a dispute arises between landlord and tenant, and our participation is requested, our Security Deposit Disputes Administration Fee will apply (see fee below).
- Look to find suitable new tenants prior to expiry of the existing tenancy.
Landlord Fees
The following fees are payable by the landlord to us following the introduction of a tenant who enters into a tenancy…
* Please note, Value Added Tax (VAT) is calculated at the prevailing rate i.e., 20%. This may be subject to change by the Her Majesty's Revenue & Customs (HMRC).
Letting Only Service:
Our Fee is 12% plus VAT of the annual rental income (minimum £1,750.00 plus VAT). VAT is calculated at the prevailing rate.
The Renewal Fee for the same tenant(s) for subsequent years is 6% plus VAT (minimum £1,000.00 plus VAT), of the Rent due in relation to the Property, for the year commencing on the expiry of a tenancy agreement, of the Rent due for the whole term of the replacement tenancy agreement. VAT is calculated at the prevailing rate.
Management service:
Our Fee is 8% plus VAT of the monthly rental income (minimum £125.00 plus VAT, monthly). VAT is calculated at the prevailing rate.
Let & Management Service:
Our fee is 16% plus VAT, being 9% plus VAT of the annual rental income (minimum £1,750.00 plus VAT, Letting’s Commission), and 6% plus VAT of the monthly rental income (minimum £125.00 plus VAT, monthly management commission), due in relation to the Property. VAT is calculated at the prevailing rate.
Landlord Tenancy Administration Fee 1:
Our fee is £175.00 plus VAT per tenant for the services covering;
- Reference checks
- Guarantor checks (Guarantor must be UK based)
- Right to Rent checks
- Property Compliance Documents
- Preparation of the Tenancy Agreement & Tenancy Administrative Paperwork
- Safekeeping and Storage of Paperwork
Landlord Tenancy Administration Fee 2:
Our fee is £175.00 plus VAT per property for the services covering;
- Rent Review
- Renewing Tenancy Agreement & Tenancy Administrative Paperwork
- The preparation and Serving Notices including Form 6A, Section 8, Section 21
- Notice to quit and Section 13
- Any other Contract / Administrative paperwork
- Safekeeping and Storage of Paperwork
Security Deposit Registration:
Free with DPS (Deposit Protection Service).
Security Deposit Disputes Administration Fee:
To negotiate claims against the deposit, deposit disputes, prepare dispute claims and issuance of dispute reports, prepare witness statements and dealing with the Alternative Dispute Resolution Service (ADR), will be invoiced at the hourly rate of £175.00 plus VAT or daily rate of £750.00 plus VAT. The VAT is calculated at the prevailing rate.
Annual Boiler Service & GSC (Gas Safety Certificate):
Our fee is £195.00 plus VAT. The VAT is calculated at the prevailing rate.
Periodical Electrical Inspection Report (EICR) - 5-Yearly:
Our fee is £300.00 plus VAT. The VAT is calculated at the prevailing rate.
Electrical Remedial works & Estimate:
The estimate will be provided should the Periodical Electrical Report Inspection (EICR) be 'unsatisfactory' and remedial works are requested by the electrician.
Contractor & Maintenance Call Out
Our fee is £150.00 plus VAT per hour, during weekdays, Monday to Friday 9am – 6pm. After hours, Weekends and Emergencies, our fee is £210.00 + vat per hour.
This is subject to a call out inspection and does not include, parts, materials, parking. The VAT is calculated at the prevailing rate.
EPC (Energy Performance Certificate):
Our fee is £150.00 plus VAT. The VAT is calculated at the prevailing rate.
Inventory Fees:
The Inventory Check - In & Check out Is a Landlord Responsibility.
Inventory Check In
Studio / 1 Bed - £195.00 plus VAT
2 Bed - £215.00 plus VAT
3 Bed - £225.00 plus VAT
4 Bed - £260.00 plus VAT
5 Bed - £295.00 plus VAT
Check In / Check Out
Studio / 1 Bed - £160.00 plus VAT
2 Bed - £180.00 plus VAT
3 Bed - £200.00 plus VAT
4 Bed - £220.00 plus VAT
5 Bed - £240.00 plus VAT
Additional Service Requests and Fees:
Our fee for the following services will be invoiced at the hourly rate of £175.00 plus VAT or daily rate of £750.00 plus VAT.
Organising contractors and maintenance personnel ... ordering & organising the delivery of white good appliances / furniture and any other items per property ... dealing with letters, invoices, bills and post delivered to our office on your behalf ... key cutting ... waiting at the property ... picking up and delivering an item or post on your behalf ... dealing, liaising or working with party wall surveyors ... dealing, liaising and working with the insurance company and their associated risk assessors ... dealing, liaising and working with utility companies and their associated suppliers or partners ... legal disputes and/or dealing, liaising or working with solicitors / lawyers / barristers, court or tribunal proceedings ... ongoing tenant disputes, deposit disputes, preparing witness statements and issuance of dispute reports ... applying for consent to let (excluding any charges imposed by other party) ... and for protracted correspondence on your behalf.
Client Money Protection for Landlord and Tenants:
Stonelink International (London) Limited provides Client Money Protection for Landlords & Tenants and is a member of Client Money Protect (CMP).
1. Click the link and view the Client Money Protect (CMP) website: https://www.clientmoneyprotect.co.uk/
2. Click here and view our Client Money Protect Certificate
3. Our Client Money Protect (CMP) Membership number: CMP003887
Client Money Protection
Stonelink International (London) Limited provides Client Money Protection for Landlords & Tenants and is a member of Client Money Protect (CMP).
1. Click the link and view the Client Money Protect (CMP) website: https://www.clientmoneyprotect.co.uk/
2. Click here and view our Client Money Protect Certificate
3. Our Client Money Protect (CMP) Membership number: CMP003887
Inventories
We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.
If instructed we will arrange a professional inventory and check-in and check-out report, on your behalf, the cost of which is borne by the landlord.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants to ‘fair wear and tear’ or to the landlord as required maintenance.
It is in a landlord’s interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
If you have any queries or require additions / further amendments to the report, they must be received within the ten (10) day period of receiving the report (check in inventory or check out), as per AIIC regulations.
Deposit Returns
The security deposit is to be held in accordance with the Deposit Protection Scheme: www.depositprotection.com
An inspection of the property will be carried out by the inventory clerk, when the tenancy ends and all keys will be handed back and signed out at this time.
Upon receiving the check out report, both landlord and tenant have the ten (10) day period to raise any queries or require additions / further amendments to the report, as per AIIC regulations.
Should a compromise not be found, or you disagree with the tenant, your agent or yourself must submit the evidence for the adjudicator to make a final decision.
Further information is found on the Deposit Protection website:
Click on this link: DPS – An Introduction to Disputes and Damages
Consent To Let
If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent.
In the case of leasehold premises the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.
Utilities
The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence – unless otherwise agreed and stated.
As the landlord, you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.
Tax
Under the Taxation of income from Land (non residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.
However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.
We can provide you with an NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent nor your tax advisor can file this application for you – it must be done by you.
Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
Our company are not tax advisers so if you are unsure as to how the above will affect you, you would be advised to speak to an accountant or professional tax advisor.
Any Non resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.
Tenancy Agreement
Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).
There is no minimum period for an Assured Shorthold tenancy; however we recommend that the tenancy is for not less than twelve (12) months (generally with a break-clause).
Most tenancies are drawn up for a period of twelve months, some have break clauses. A break clause allows either party to terminate the agreement with two months notice after an initial period of four months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.
Please refer to UK Gov’s – A to Z Guide – for owning and renting a property by clicking on the following link:
Legal Matters
Our staff have been trained and receive ongoing training on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.
The relationship between Landlord and Tenant can sometimes have its “ups” and “downs” and the need for a professional agent is paramount in closing any divide to allow for a smooth and enjoyable property experience for all parties concerned, whether you are a Landlord or Tenant you are best advised to conclude your property transaction via a reputable agent.
Tenancy law is now far better regulated than ever before with balanced rights for all parties, tenant’s security deposit held in Approved Scheme and is returned at the end of the tenancy, subject to the property being returned in the manner it was taken and subject to there being no outstanding bills relating to utilities etc.
The letting’s market has grown immensely due to the increasing Buy to Let market and with an increase of New Builds added to the marketplace, the level of quality and professionalism in the industry, has vastly improved.
The Checklist For Renting In England
Take a moment to read through the guide.
Please click on the link How To Rent Guide – The Checklist for Renting In England